Blue Coast Hotels Limited has informed the Exchange regarding Appointment of M/s Sidharth K Agarwal & Co. as Internal Auditor of the company for FY 2025-26 w.e.f. May 16, 2025.
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Blue Coast Hotels' board approved the conversion of 2,55,200 0.01% Compulsorily Convertible Preference Shares (CCPS) into 25,52,000 equity shares of Rs. 10 each, with all shares allotted to 11 promoter group companies (including Solace Investments, Mid-Med Financial, Square Investments, and others). Post-allotment, paid-up equity capital increased to Rs. 17.19 crore, comprising 1,71,92,457 equity shares. The board also re-appointed M/s Ajay. K. & Associates as Secretarial Auditor for FY 2024-25 and M/s Sidharth K Agarwal & Co. as Internal Auditor for FY 2025-26. No new money is being raised — this is a conversion of existing promoter-held instruments into equity.
Since all converted shares went exclusively to promoter group entities, public shareholders' relative ownership remains unchanged — no external dilution. The auditor re-appointments signal governance continuity with no leadership or audit disruption.